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This paper introduces a monopolistic competition model containing retail investors with imperfect knowledge and issuers offering complex structured products. The model, for which we provide empirical evidences supporting the issuer’s profiteering by increasing the product complexity, can explain that knowledge asymmetry is the key for the issuer to offer complex product and to enjoy the higher excess profit, thus worsening allocative efficiency. Our empirical analysis reports monotonically increasing mark-up premia, and J-shaped issue amounts with respect to complexity: the former result could be explained in a rational framework considering issuer costs, however, the latter is not the case. Our model proves the empirical results are well explained when knowledge asymmetry between issuer and investors is a strictly increasing convex function of complexity.

There have been several studies of alternative equity index strategies which suggest better investment opportunities with higher risk adjusted return pointing out empirical evidence of inefficient risk-return trade-off implied in the market-cap weighted index. Commercial products based on these strategies, regarded as passive equity strategies, become more popular in the U.S. and European stock markets. We investigates whether these strategies are also valid in Korean stock market and our empirical results add support to their efficacy.

From Fama-French 3-factor analysis, we find that the excess return of alternative equity index is attributed to market, size and value factors and it does not show a significantly positive alpha. Even without positive alpha, however, these strategies are valuable to investors in the sense that they offer opportunities to fully exploit size and value premium with long-only portfolios. The advantage of these strategies is more straightforward recalling the fact that rebalancing of Fama-French factor portfolios involves short-sale and high turnover.

This paper investigates a retrospective on the Journal of Derivatives and Quantitative Studies (JDQS) on its 30th anniversary based on bibliometric. JDQSs yearly publications, citations, impact factors, and centrality indices grew up in early 2010s, and diminished in 2020. Keyword network analysis reveals the JDQS's main keywords including behavioral finance, implied volatility, information asymmetry, price discovery, KOSPI200 futures, volatility, and KOSPI200 options. Citations of JDQS articles are mainly driven by article age, demeaned age squared, conference, nonacademic authors and language. In comparison between number of views and downloads for JDQS articles, we find that recent changes in publisher and editorial and publishing policies have increased visibility of JDQS.

The rapid proliferation of digital devices, population aging, and acceleration of digital technology adoption due to the COVID-19 pandemic have increased the need for information education for older adults to prevent inter-generational conflicts and digital alienation. This study aims to analyze the information technology (IT) education programs provided to older adults by age group, considering their heterogeneity.

This study identifies IT education programs provided by public institutions in Seoul and target age groups (50 and above) through a survey using triangulation, which were then sorted and summarized into 27 keywords. Correspondence analysis was conducted using the keywords derived for the programs and age groups.

IT education programs in the age group 60 and above accounted for 75.2% of the programs offered, which increased to 90% when including those aged 55 and above. Particularly, the perceptual map created based on relationship correlations indicates which IT education program keywords matched each age group. The Seoul Metropolitan Government primarily offered these programs for older adults aged 60 and above, with 5–7.5 times more education programs for those aged 60 and above than for those aged 50 and above or 55 and above. Therefore, IT education must be more evenly provided to more diverse age groups among older adults to reflect the current situation.

This study contributes to the literature by proposing a future direction for IT education of older adults. Moreover, it has implications for the direction of IT education to target various age groups in IT education programs, thus enabling older adults to effectively enhance their digital literacy skills during the rapid digitalization caused by COVID-19.

The purpose of this paper is to ascertain the status of recent Korean four-year college students’ acquisition of vocational qualification certificates (hereinafter “certificates” or “qualifications”), the factors that influence certificate acquisition, and the resulting employment and wage effects.

Regression analysis was conducted on the data from the Graduates Occupational Mobility Survey.

The results showed that females and medicine and education majors had higher rates of vocational qualifications, as did the students in provincial as compared to metropolitan areas and students with high grades. In terms of effects on labor market outcomes, vocational qualifications exert a moderate degree of positive influence on employment rate, wage at the time of initial employment, and current wage (i.e. there is a persistent wage effect).

This study will provide policy implications to decrease youth unemployment in Korea and worldwide as well as to build employment services supporting the acquisition of vocational qualifications across various disciplines.

The purpose of this study is to investigate the structural relationships among organizational culture, human resources (HR) practices and female managers’ organizational commitment and job satisfaction in South Korea.

Using data obtained from the Korean Women Manager Panel, 230 responses were analyzed using structural equation modeling.

The findings indicated that organizational culture directly affected HR practices and indirectly affected job satisfaction and organizational commitment. In addition, HR practices directly influenced job satisfaction and organizational commitment and indirectly affected organizational commitment through job satisfaction. Finally, job satisfaction had a direct and significant effect on organizational commitment.

The authors provide an empirical analysis of how organizational culture and functional factors influence organizational commitment and job satisfaction for female managers in the Korean context. The findings of this paper are expected to encourage scholars to pay more attention to the connection between organizational support and HR interventions to improve female managers’ commitment and satisfaction within organizations by emphasizing the alignment between organizational culture and HR practices.

An increasing number of students delay graduation or graduate without a job, because they are not ready to make a career decision. In addition, the growing number of young adults who are not in education, employment or training (NEET) has become a social concern in South Korea. To facilitate career decision-making of undergraduates, this study examined the effects of work value orientation and academic major orientation on career decision-making self-efficacy (CDMSE). The purpose of this paper is to examine the relationships among South Korean undergraduates’ intrinsic work value orientation, extrinsic work value orientation, academic major satisfaction and CDMSE.

Based on the literature review, this study tested a research model using structural equation modeling with survey results of 217 undergraduates.

The research results indicated that intrinsic work value orientation influenced academic major satisfaction and CDMSE. However, extrinsic work value orientation turned out to influence neither academic major satisfaction nor CDMSE. Academic major satisfaction also seemed to affect the CDMSE of the students in this study.

This study contributes to the field of career development by explaining the significance of undergraduates’ intrinsic work value orientation and academic major satisfaction on career decision-making. Whereas most research has focused on the effects of CDMSE, this study investigated the factors that influence undergraduates’ CDMSE.

Although the field of neuroscience has evolved dramatically, little research has attempted to conceptualize the impact of neuroscience on the field of human resource development (HRD). The purpose of this study is an integrative review of the influential relationship between neuroscience and workplace learning including applicable implications for HRD research and practice.

By reviewing 93 studies on neuroscience and brain-based learning published between 1995 and 2017, the authors synthesized their findings.

This study discusses the basic concepts of neuroscience such as the structure and functions of the brain, neuroscientific findings about memory and cognition, the effect of neural transmitters on memory and cognition and the neuroscience of learning. This study also illustrates brain-based learning styles affecting learning and describes various neuroscientific learning principles and models that can be applied to practical planning and the delivery of workplace learning and HRD activities.

This study concludes with brain-based learning principles called neuroscientism compared with traditional learning theories. It also includes several brain-based learning cases from workplace settings and implications for future research and further HRD practices.